Some Frequently Asked Coin Questions

1. Why is the 1943 copper penny worth so much money and how do I know if my penny is copper?

                In 1943 the U.S. decided to switch from copper cents to steel so that the copper could be used for the war effort.  However, when the minting machines were emptied of their copper blanks some remained in the feed chutes.  Once the machine was started, the first dozen or so coins struck were copper.  These coins entered circulation and have since been pulled out by collectors.  The 1943 copper cent is worth so much due to the fact that so few were made, and the popularity of the Lincoln cent series.  To determine if your 1943 cent is copper, or not, is quite easy.  Most of the steel cents will look like steel; in other words, they will have a gray color.  However, if your coin has begun to rust this may not be readily visible.  Place a magnet against your cent.  If it sticks to the magnet, it is steel.

2. Is there any gold in the new Sacagawea "gold" dollar?

                No, the composition of the new Sacagawea dollar contains no gold at all.  It is composed of 88.5% copper, 6% zinc, 3.5% manganese, and 2% nickel.  This includes the solid copper core as well as the alloyed outer layer of the coin.

3. Are the new statehood quarters worth anything and are they going to be go up in value?

                At the present the statehood quarters do not have a significant premium beyond their face value.  It is doubtful that the quarters will have any significant value in the future.  The U.S. mint is currently producing so many that there is little chance of them increasing in value.

4. I just found a Delaware quarter and on the back next to the picture of the man on the horse is the name Caesar Rodney.  Shouldn't the name be Paul Revere?  Is this a mint error?

                Although it does not seem correct at first glance, Caesar Rodney is the man on the horse.  He was the signer of the Declaration of Independence for the state of Delaware.  The reason he is depicted riding a horse on the state's quarter is due to his historic ride from Dover, DE to Philadelphia, PA in one day, a ride that usually takes 2 days.

5. On the front of my peace dollar there is a V in TRUST.  Is this an error?

                This is not an error.  The peace dollar uses a roman typeface.  In the roman alphabet, there is no U so a V is used in its place.

6. What is a proof coin, and how does it differ from an uncirculated coin?

                A proof coin is a coin produced by the mint that is intended to be a collector piece.  The mint first polishes the blank planchet and the dies used for the stamping of the coin.  The coin is then stamped multiple times and very carefully handled all through the process.  This produces a coin that has a much finer finish and much stronger detail than the coins that are produced for circulation.  Usually, on the newer proofs, the background is highly polished and the raised areas have a matte finish.

7. Can bullion gold and/or silver be seized by the government?

              The ultimate answer to this question is yes, the government has the power to seize gold and/or silver at any time if they choose to.  However the likelihood of this happening again is very slim.  What most people have heard about is the seizure of gold that happened in 1933.  The truth is that the government never really seized any gold from anyone.  They simply requested that anyone with bullion gold of any kind, turn the gold in to the treasury so as to protect the country in its time of financial distress.  Gold was bought from the people who turned it in at market price, and people were allowed to keep any gold coins that had significant collector value.  Also the current view point is that, were the government to ask citizens to turn in their gold in this day and age, there would be far less cooperation and the governmental action would go nowhere.  So, in short, the possibility of governmental seizure should not keep you from buying gold. Seizure is not, in my opinion, a course of action that the government would choose to take.  For a very in depth article on this subject we recommend you check out Mike Fuljenz's article: Can the U.S. Government Confiscate Your Gold Coins?  Or for a history of gold coins in general see the article here.

8. Should I clean my coins?

                As a general rule, the answer is a resounding 'No!'.  Successful coin cleaning is a learned process requiring a certain degree of expertise and should be approached with caution.  Most numismatists prefer a coin that is in its original state of preservation, including the change in color which often comes with age.  The removal of common dirt and corrosion, however, can be justified in some cases.  We recommend that you practice your cleaning technique on common coins before operating on scarce or rare pieces.  Improper cleaning of true collector coins can decrease their value exponentially.

9. I have a dollar bill with a blue seal on it instead of the normal green seal what is this?

                What you have is a silver certificate.  This is a note that dates back to the times when the U.S. was still on the silver standard,  meaning that money was backed by actual silver in the national reserve.  A $1 silver certificate entitled the owner to $1 worth of silver if he or she so chose.  However the U.S. is no longer on the silver standard so a $1 silver certificate is no longer worth it's value in silver.  The notes do have a small amount of collector value, though.
 

If you have a question that is not answered above and you would like to ask an expert please email us and we will answer your question directly, and may place it on the web page if we feel others would be interested.

tebocoins@hotmail.com

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